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a, <br />REGUL,Ax MEETING <br />APR_a I, 1, 1985 <br />EXPIRATION: Any approval by PBCC of the transaction <br />contemplated hereby and any commitment by PBCC to enter <br />into the Agreement shall expire on April 15, 1985, or <br />such earlier time as Debtor may advise PBCC of its <br />intent not to close said transaction. <br />ACCEPTANCE: This Letter of Proposal shall be deemed <br />accepted if executed by Debtor and -returned. to PBCC on <br />or before March 15, 1985. <br />FIRST CONTINENTAL LEASING CORPORATION <br />Karen L. Larson <br />Marketing Representative <br />81.0 Capital Bank Building <br />5307 East Mockingbird Lane <br />Dallas, Texas 75206 <br />LEASE TRANSACTION: <br />The transaction would be structured as a lease -purchase <br />agreement. The lease payments would be composed of <br />principal and interest. <br />LEASE STRUCTURE: <br />Upon completion of the necessary documentation FCLC would <br />place the monies needed to pay for the equipment into an <br />Equipment Acquisition Fund, (escrow). This is estimated <br />to be on or near July 15, 1985. The monies would remain <br />in escrow until disbursed to pay for the equipment as it <br />is delivered and accepted by the City. <br />REINVESTMENT OF ESCROW FUNDS: <br />The funds remaining in escrow would be reinvested in money <br />market instruments acceptable to Lessee, Lessor and <br />Trustee. Any interest earned in this account would <br />accrue to the benefit of the Lessee. <br />FIRST PAYMENT DUE: <br />The first lease payment would be due six (6) months after <br />escrow funding and semi-annually thereafter. This pay- <br />ment is absolute and unconditional not -with -standing <br />equipment delivery. <br />LEASE TERM: 12 semi-annual payments. <br />INTEREST RATE/PAYMENT AMOUNT: 9.98%/$225,523.57 <br />This interest rate is calculated as the gross payments <br />against the equipment cost. Any earnings from the <br />escrow could be used to reduce lease payments and <br />hence, lower effective interest rate. <br />COMMITMENT FIRM: <br />This commitment is firm, pending written receipt of <br />notification of award to First Continental Leasing <br />Corporation, until May 30, 1985 and a funding no <br />later July 30, 1985. <br />SECURITY PACIFIC CAPITAL MARKETS GROUP <br />Charles D. Baker, Vice -President <br />410 17th Street, Suite 1150 <br />Denver, Colorado 80202 <br />Option A: <br />Term: 6 years <br />Payment Mode: Semi-annual <br />lst payment due January 16, 1986 <br />1 <br />I <br />